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The state of Illinois requires you to pay taxes if you’re a resident or nonresident that receives income from an Illinois source. The state income tax rates are 4.95%, and the sales tax rate is 1% for qualifying food drugs and medical appliances and 6.25% on general merchandise. The tax rates on this page apply […]

The state of North Carolina requires you to pay taxes if you are a resident or nonresident that receives income from a California source. The state income tax rate is 5.25%, and the sales tax rate is 4.75%. North Carolina offers tax deductions and credits to reduce your tax liability, including a standard deduction or […]

The state of Colorado requires you to pay taxes if you’re a resident or nonresident that receives income from a Colorado source. The state income tax rate is 4.5%, and the sales tax rate is 2.9% to 15%. Colorado state offers tax deductions and credits to reduce your tax liability, including a standard deduction, itemized […]

Each year, the IRS processes roughly 150 million individual tax returns. Yours may be one of them—if you have to file a tax return. Not everyone has to file a tax return, and whether you need to file depends on your age, filing status, income level, and the source of that income. Here’s what you […]

Unemployment benefits can be a financial lifeline when you lose a job, but you should know that the IRS considers them taxable income. As such, you may need to have income taxes withheld from your benefits, make estimated payments, or create a plan for paying the amount you’ll owe when you file your federal income […]

There were several tax law changes in 2021 which will affect most Americans this coming tax season. The expanded child tax credit payments could impact many families’ tax refunds, and for the nearly 90% of Americans who claim the standard deduction, they will see a small but positive change. The IRS has yet to announce […]

Credit Karma Tax is now Cash App Taxes, but Credit Karma isn’t out of the tax game just yet. The company recently announced it will still offer tax filing through TurboTax—another product provided by Credit Karma’s new parent company, Intuit. TurboTax is one of the easiest to use tax software platforms—but unlike Credit Karma Tax, […]

Tax deductions reduce your taxable income, but not all deductions are created equal. Above-the-line deductions can be more valuable than below-the-line deductions because they can help you qualify for other deductions or increase their value. Both above-the-line and below-the-line deductions reduce the amount of your income that’s subject to federal income taxes. So take some […]

Donating to charity can be a life-affirming thing to do—and as a bonus, it can help with your tax bill. If donating to charity is part of your tax plan for 2021, your deadline to make a tax-deductible donation is Dec. 31. Here are a couple of tips so you can maximize your tax-deductible donation […]

When you file your federal income tax return, one of the first decisions you need to make is selecting your filing status. Choosing the right one is crucial because it affects your standard deduction (assuming you don’t itemize), your tax bracket, and the types and amounts of other tax credits and deductions you claim. Selecting […]

Most people get money from various sources: wages from a job, investment returns, income from a business, Social Security benefits, and more. Some of that income is taxable, and some isn’t, which makes calculating your taxable income—and estimating how much tax you’ll owe—challenging. However, estimating your taxable income before filing your tax return can help […]

If you’ve ever filed a federal income tax return in the U.S., chances are you used IRS Form 1040. This is the form used by most people to file a personal income tax return, report the income they received during the year, and figure out how much of that income is taxable after claiming tax […]

Florida is famous for its beaches, gators, retirees—and for not imposing an individual income tax. Also, the state itself does not assess a property tax, although local Floridian governments may administer a property tax. As a result, Florida had the eighth-lowest tax burden (defined as the state and local taxes a resident pays divided by […]

If you receive $600 or more payments in total for goods and services through a third-party payment network, such as Venmo, Cash App, or Zelle, these payments will now be reported to the IRS. The new rule results from the American Rescue Plan signed into law in March 2021 and will mainly impact business owners […]

Roughly 90% of taxpayers claim the standard deduction vs. itemized deductions. Should you do the same? The answer, as with most tax questions, is: it depends. This article will help you decide. Standard Deduction vs. Itemized Deductions: What’s the Difference? When you file your tax return, you generally have two options: Claim the standard deduction. […]

You can now adjust your income in the Child Tax Credit Update Portal, but you have to do it by midnight Nov. 29. for changes to reflect on your Dec. 15 payment. For families who have suffered a recent drop in income, this may result in higher monthly payments. Once you update your income in […]

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